In a Facebook blog, Arun Jaitley pointed out that those who participate in a public discourse must understand basic facts before expressing an opinion which may be ill-informed.

Hours after Congress president mocked Prime Minister Narendra over 'black money' issue in the wake of 50% increase in money deposited by Indians in Swiss banks, Union minister Arun Jaitley on Friday said that it won't be correct to assume that all deposits in Swiss banks are "black money".

In a Facebook blog, Arun Jaitley pointed out that those who participate in a public discourse must understand basic facts before expressing an opinion which may be ill-informed.

He also pointed out that Swiss Banks are "no longer an ideal destination for tax evaders" because they have taken significant efforts to get out of the image of being a tax haven.

‘Indian’ money outside the country is of various categories. Past investigation by CBDT have shown that this includes many held by persons of Indian origin who now hold foreign passport, monies belonging to Non-Resident Indians, as also monies belonging to resident Indians who have made legitimate investments abroad, including transfer of money under the liberalised remittance schemes," he said.

"It is only monies kept by resident Indian outside these categories which become actionable. The first two categories are within the jurisdiction of those countries where these persons are residents and the third category can easily be checked up in India. If the deposit does not fall in any of these categories, it is per se illegal for which investigations are undertaken, arrests are made and criminal prosecutions are launched," he added.

Jaitley pointed out that Switzerland has taken significant efforts to get out of the image of being a tax haven and a non-compliant State, adding it is no longer an ideal destination for tax evaders.

Switzerland has taken significant efforts to get out of the image of being a tax haven and a non-compliant State. It is on the verge of making disclosures in real time and, therefore, is no longer an ideal destination for tax evaders.

Arun Jaitley had a word of advice for those who were targeting the Modi govt after it emerged that there was 50% increase in money deposited by Indians in Swiss banks.

“Those who participate in a public discourse must understand these basic facts before expressing an opinion which may be ill-informed,” Jaitley said.

He also advised against assuming that all deposits in Swiss banks are tax evaded money.

“To assume that all the deposits are per se tax evaded money or that Switzerland in the matter of illegal deposits is what it was decades ago, is to start on a shaky presumption,” he added.